The prospective merger of the two Japanese banks, Shinsei and Aozora, will create more project opportunities for Nucleus Software, the Gurgaon-based banking IT solution and services provider, said managing director of the IT firm Vishnu Dusad.
Nucleus Software earns 70 percent of its revenue from the top five clients, which includes Shinsei Bank. "Once the merger goes through, we expect about 10 percent increase in revenues from the Shinsei account," Dusad said.
Nucleus Software, which has a decade-long association with Shinsei Bank, provides it various banking IT solutions for cash management, lending management, etc.
Shinsei is 33 percent held by the US private equity firm JC Flowers & Co, and Cerberus Capital Management owns more than half of Aozora.
Media reports in May first talked about the proposed merger of the two banks. The reports had said the Japanese banks would be merged by the summer of 2010. However, neither of the banks had confirmed these reports then.
Meanwhile, Nucleus Software said it was beginning to see interest growing from the Indian banks for the Shinsei methodology of IT deployment. "It is interesting to see public sector banks in India showing keenness for the cost-reduction methodology," Dusad said.
Shinsei methodology is a system adopted by Japan's Shinsei Bank through which it runs IT operations at 10 percent of the cost incurred by other banks. According to Dusad, the methodology would also help in smooth and fast integration of the two banks once the merger is given a go ahead.
Source: DNA
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